Greece expects new wave of price hikes in essential goods

By Ahmet Gencturk

ATHENS (AA) - Greece expects a new wave of price hikes in essential goods, local media reported on Sunday.

Seven out of 10 suppliers and retailers are planning a new round of price hikes this year, said the daily Kathimerini, citing a recent report by market researcher NielsenIQ.

Greek consumers have already been switching to private-branded goods from established brands, while the number of consumers looking for quality products with higher prices is decreasing, according to the report.

The share of the private-branded goods in the retail market exceeded 25%, it added.

The report also said the inflationary trend is also expected to continue this year and the recessionary economic environment makes consumers to be more careful in their spending and pay closer attention to discounts and offers.